Apple will open a second Hong Kong store later this week, the company has confirmed.

Apple's new retail store will be in Festival Walk in Kowloon Tong. The store will hold its grand opening on Saturday at 10 a.m. local time. According to Apple's Hong Kong Web site, the store will be open from 10 a.m. to 10 p.m. local time every day.

The second help of Apple Store for Hong Kong comes as Apple is increasing its presence in and around China. CEO Tim Cook said recently that China is the company's second-biggest market behind the U.S., thanks to the sheer number of consumers looking to spend their cash. Apple has five retail stores in China.

Apple said this morning that it sold 5 million units of its new iPhone 5 over the weekend as the smartphone went on sale in handful of markets, including Hong Kong, Australia, France, the U.K., and the U.S.